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Gold/Mining/Energy : First Calgary Petroleums, Ltd (FCP.T)
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From: Cal Gary3/10/2005 3:12:05 PM
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SUBJECT: Nothing has changed Posted By: Dutchfella
Post Time: 3/10/2005 12:11
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I am as astonished as everyone else here, both by the drop in share price and by the lack of action or news from FCP. In that absence, i will share some of what i know or understand.
This drop is because of margin calls, stop losses, and the overall negative sentiment of the market to future oil prices and oil companies in general. That is hard to understand given the current price of oil and the supply/demand situation.
This situation is partly a result of the lack of strategic leadership and direction at FCP in regard to protecting the price and their seeming inability to issue a stock release that will give shareholders some assurance. I doubt that they have any reasons to want to see a decline in the price and they are probably concerned about issuing anything that might be regarded as pumping.
The Mle-6 well is rumored to be testing at over 20,000 BOE and there will be an announcment on those results as soon as Sonatrach okays it. There will be an updated reserves report by DeG & M, probably in the last week of March.
The data room will close on April 8. Bids will close on April 22, and there will be no delay in that deadline. The winner will be selected in the first or second week of May. The price will be $40 to $44 a share and that is a certainty.
There is a ring of fire caused by margin calls involving all the Brimacombe stocks, ADE, CEK and FCP which is consuming the values of these companies and feeding on margin calls. That will not change until FCP issues a release that is more intelligent and more reassuring than the last one. They should invest in a talented public relations firm and not leave releases to the person presently doing them.

Grab from StockHouse FCP board
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